EUR/USD Price Analysis: Euro clings to 3.5-week’s high, trades above 1.1000 figure

 

 

EUR/USD is trading in a bear trend below the main daily simple moving averages (SMAs). However, the quote is sharply reversing up from 34-month lows while challenging the 50 and 100 SMA on the daily chart.

 

 

 

EUR/USD is challenging the 1.1047 resistance while above the main SMAs on the four-hour chart. The bulls stay in control suggesting that the greenback could extend its up move towards the 1.1085 and 1.1143 levels, according to the Technical Confluences Indicator. Support can be expected near the 1.1006 and 1.0960 price levels.